Macedonia: Access to Finance Hampers Business

The survey was conducted in the first half of 2010 as part of a project of the Business Alliance of Slovakia and the Confederation of Employers of Macedonia.

“Companies complain about the legislation efficiency and access to financial resources, which is expected considering the global downturn,” Nikoca Mojsoska, who presented the study on Thursday, told media in Skopje.

Seventy per cent of the respondents also noted poor infrastructure as an obstacle to doing business.

EU Ambassador to Macedonia Erwan Fouere, who also attended the presentation, noted that new modalities for improving the business climate were required following the European economic crisis.

Three-party dialogue between the government, trade unions and employers is significant in that effort, particularly when making important decisions, such as budget cuts, salaries or pensions, he said.

55 companies, four associations and one municipality participated in the study.

Amid the effects of the global financial downturn Macedonia’s economic growth plummeted from five per cent in 2008 to negative 0,7 per cent in 2009. The amount of foreign direct investment entering Macedonia last year was only half of the 2008 FDI figure, official data have shown.